Republic of Korea: Market for Glass Fibres and Glass Fibre Articles 2024

Market Size for Glass Fibres and Glass Fibre Articles in Republic of Korea

The South Korean glass fibre and article market shrank slightly to $X in 2022, declining by X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Glass fibre and article consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Glass Fibres and Glass Fibre Articles in Republic of Korea

In value terms, glass fibre and article production reduced to $X in 2022 estimated in export price. Overall, production recorded a perceptible reduction. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Glass Fibres and Glass Fibre Articles

Exports from Republic of Korea

After two years of growth, overseas shipments of glass fibres and glass fibre articles decreased by X% to X tons in 2022. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, glass fibre and article exports contracted to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then declined in the following year.

Exports by Country

Japan (X tons), the United States (X tons) and Vietnam (X tons) were the main destinations of glass fibre and article exports from South Korea, with a combined X% share of total exports. Germany, Italy, China, Belgium, India, Slovenia, Malaysia, Taiwan (Chinese), the United Arab Emirates and France lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for glass fibre and article exported from South Korea were the United States ($X), Japan ($X) and China ($X), together comprising X% of total exports. Vietnam, Germany, France, India, Italy, Taiwan (Chinese), Malaysia, Slovenia, Belgium and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Italy, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average glass fibre and article export price stood at $X per ton in 2022, with a decrease of X% against the previous year. Overall, the export price continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibres and Glass Fibre Articles

Imports into Republic of Korea

In 2022, approx. X tons of glass fibres and glass fibre articles were imported into South Korea; which is down by X% compared with the previous year. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, glass fibre and article imports fell to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of glass fibre and article to South Korea, with a X% share of total imports. Moreover, glass fibre and article imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fivefold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (X% per year) and the United States (X% per year).

In value terms, China ($X) constituted the largest supplier of glass fibres and glass fibre articles to South Korea, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by Malaysia, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Malaysia (X% per year).

Import Prices by Country

The average glass fibre and article import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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